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Basic Parts of an Insurance Policy


By Loring King, Senior Vice President of Underwriting, ARM, CRM, CIC

Declarations page:

  • Identifies named insured/address
  • Insurance company
  • Policy term
  • What risks are covered (Property, General Liability, Auto, Inland Marine etc.)
  • Policy Limits, deductibles, premium

Policy Form/Insuring Agreement:

  • What is covered
  • Any built in coverage extensions or exclusions
  • Policy conditions, rights and duties of the insured and carrier
  • Definitions that explain key terms used within the policy


  • These can expand or restrict coverage
    • Standardized endorsements
    • Manuscript (custom) endorsements

General Coverage types:

  • Property– Damage to Building, Business Personal Property, loss of Business Income
  • General Liability Coverage- Negligent Bodily Injury and Property Damage to others
  • Crime Coverage- Employee Dishonesty, certain theft by others
  • Inland Marine – Damage to special property like equipment, builders risk
  • Auto Liability – Negligent Bodily Injury and Property damage to others
  • Auto Physical Damage – Damage to your vehicles
  • Workers’ Compensation – Employee injuries (lost wages & medical), Employers Liability
  • Umbrella – additional limits for liability on top of General Liability, Auto Liability, Employers Liability
Loring King

About Loring King

Loring King ARM, CRM, CIC Loring has nearly 40 years of experience in the insurance industry. He joined Member Insurance in 2015 as Sr. Vice President of Underwriting. In this role Loring is responsible for the underwriting/profitability of business placed in Member’s Captives (risk sharing portfolio). Prior to joining Member Insurance, Loring held various positions including heading the Agency/Association Captive unit for the Hartford Insurance Company, Risk Manager for Pulte Homes, Underwriting/Marketing/Program Management positions at General Agency Services, Meadowbrook Insurance, and Amerisure Companies. Loring is a graduate of Hofstra University and has earned a number of professional insurance credentials.

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